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The IRA has injected $240 billion into clean energy. The US still needs more.

Summary

Syris Valentine, a Climate Solutions Reporting Fellow, discusses the impact of the Inflation Reduction Act (IRA) on clean energy investment in the U.S. According to an analysis, for every dollar invested by the government, the private sector contributed $5.47, resulting in a total of $240 billion flowing into clean energy in just one year. Investments surged across various sectors, including utility-scale solar, electric vehicle (EV) supply chains, and emerging technologies like hydrogen. While impressive, economists warn that current investment levels fall short of the emissions reduction needed to meet climate goals. Despite policy uncertainties and potential funding threats, clean energy projects continue to attract investments, indicating a significant shift towards a cleaner economy catalyzed by progressive policies like the IRA.

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